The FCA’s review found issues related to unclear fees, inadequate record-keeping, affordability assessments that overlooked living costs and steered consumers towards debt consolidation without clarification
International News via Reuters:
Britain’s Financial Conduct Authority (FCA) on Thursday called on second charge mortgage firms to improve consumer protections after a review found risks of financial harm to borrowers.
The FCA’s review found issues related to unclear fees, inadequate record-keeping, affordability assessments that overlooked living costs and steered consumers towards debt consolidation without clarification.
Reporting by Nithyashree R B in Bengaluru; Editing by Maju Samuel
